Babcock bolsters South Korean relations to grow global opportunities

Underlining our intent to build on our strategic partnerships in the Republic of Korea, Babcock has signed two separate agreements with South Korean companies this week – Hanwha Ocean and Korea Aerospace Industries Ltd. – to support the growth of global opportunities.

A Strategic Cooperation Agreement has been penned with Hanwha Ocean, the shipbuilding and offshore company, to further develop opportunities in the global naval market. This agreement outlines our joint aim to deepen cooperation in major global naval procurement projects, including the Polish Orka submarine programme and the Canadian Patrol Submarine Project, leveraging our respective strengths to provide tailored solutions for clients throughout the entire lifecycle of naval platforms, from acquisition to operation.

The agreement builds on Babcock and Hanwha Ocean’s existing relationship which dates back to June 2023, when Babcock Canada signed a Technical Cooperation Agreement to support Canada’s submarine sustainment programmes and cooperate on the Canadian Patrol Submarine Project. In February this year, the two companies also entered a Teaming Agreement to collaborate on global submarine programmes.

In a separate agreement, Babcock has signed a Memorandum of Understanding with aerospace company Korea Aerospace Industries Ltd. (KAI) to explore military flying training, air base support and engineering opportunities targeted in Central, Eastern and Southern Europe. This international partnership brings together Babcock and KAI’s military aviation experience capable of supporting air power requirements in today’s changing environment, enabling air forces to deliver on their core mission and maintain sovereign capabilities.

During a visit to the Republic of Korea this week, David Lockwood, Babcock’s Chief Executive Officer, said: “We have long-standing relationships and an established presence in South Korea. These agreements will help to grow these exciting strategic partnerships, leveraging our respective capabilities to pursue global prospects and to deliver impactful results for our customers.”